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Talk:Economics (view source)

Revision as of 04:29, February 17, 2007

543 bytes added ,  04:29, February 17, 2007
reply to question about problem 2
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Question two in assignment two says: "Suppose the price demand curve is P=$20-Q, where P is price and Q is quantity.  Also suppose the price supply curve is P=$4+Q.  At what price and quantity will the good be sold?"  The lecture does not address how to work with these equations.  Are we supposed to graph them using the price as the slope and Q as the y intercept? ~ [[User:SharonS|SharonS]] 17:55, 16 February 2007 (EST)
 
Question two in assignment two says: "Suppose the price demand curve is P=$20-Q, where P is price and Q is quantity.  Also suppose the price supply curve is P=$4+Q.  At what price and quantity will the good be sold?"  The lecture does not address how to work with these equations.  Are we supposed to graph them using the price as the slope and Q as the y intercept? ~ [[User:SharonS|SharonS]] 17:55, 16 February 2007 (EST)
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:Sharon, we can expect the good to be sold where supply equals demand.  If supply were greater than demand, then the price would be lowered to sell the surplus.  If supply were less than demand, then the price would be raised to increase profits.
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:You can find where supply equals demand either by graphing the supply and demand curves and seeing where they intersect, or by solving the two equations to find the common values of P and Q through use of algebra.
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:Hope that helps!--[[User:Aschlafly|Aschlafly]] 23:29, 16 February 2007 (EST)
    
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